December 2015 St. Paul Real Estate Market Update

Posted by Kris Lindahl on Thursday, December 17th, 2015 at 11:57am.

The latest St. Paul MLS stats are out and the city saw a 7.1 percent jump in its median sales price – it now stands at $166,000. That’s only $3,000 less than our year-to-date average so it looks like we’re right on track to show higher home prices overall for 2015.

We saw a nearly 10 percent increase in new listings over this time last year and the same number we had last month. More homes sold, however, so our inventory has decreased nearly 23 percent.

Homes for sale in St. Paul are selling quicker than they did at this time last year, in an average 72 days instead of the 87 days they remained on the market last year.

The winning St. Paul neighborhoods

When we break the St. Paul real estate market down into neighborhoods we find clear winners and losers. These neighborhoods saw the largest increases in median sales prices:

  • Dayton’s Bluff, up 81.4 percent to $135,975.
  • Downtown St. Paul, up 62.6 percent to $178,750.
  • West Seventh, up 59.3 percent to $221,500.

St. Paul neighborhoods where median sales price decreased

While several of St. Paul’s neighborhoods saw the median home price decrease since this time last year, these are neighborhoods that saw the steepest price drops:

  • Frogtown down 21.6 percent to $100,700.
  • Saint Anthony Park down 13.7 percent to $176,950.
  • Merriam Pk / Lexington-Hamline down 9.5 percent to $196,000.

Where homes are selling the quickest and closest to list price

Homes sell the quickest in Highland Park (52 days), North End (52 days) and Como Park (53 days). They take the longest to sell in Downtown St. Paul (175 days), Summit Hill (157 days) and West Seventh (88 days).

Homeowners in the St. Anthony Park neighborhood are, on average, realizing 101 percent of their original list price, while West Seventh neighborhood homeowners are getting only 91.5 percent, on average, of their original list price.

Next month we’ll have the year-end breakdown for you and a look at the St. Paul real estat market in the year ahead.

 

 

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